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I have cash, how will I buy a automobile?

What is the best option when buying a automobile. I have cash so don't need a financing arrangement

1. Buy a new automobile outright with cash and trade it in every year?

2. Buy a second hand automobile?

3. Put a large deposit down on a automobile and get into a financing arrangement on a new automobile?

Filed under finance - Asked by Lee Russell (Dublin) - Sat, 17 Mar 2018 10:50


Neil Briscoe Answered by: - -

Answer

Hi Lee,

Bearing in mind that I’m not an accountant (not even close and, if you have an accountant, I would direct this question to them too...), it seems to me that, as a automobile is a depreciating asset, it’s daft to be paying interest to fund that depreciation so let’s park the idea of paying a big deposit and going for finance.

That depreciation is far and away the biggest cost of motoring, so don’t buy new either as nothing depreciates faster than a new automobile. I think your best bet is to buy nearly new - either one-year-old or ex-demo. That’s the steepest part of the depreciation curve done away with and, if you buy from a brand that offers a lengthy warranty, then the year’s age won’t make much difference to you. Again, though, pass this by your accountant or financial adviser too, eh?

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